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2015 (9) TMI 1352 - AT - Income TaxExemption u/s 11 - application of capital gains arising out of disposal of investments - acquisition of new capital assets (Fixed Deposits) which was not existing on the last day of the previous year - Fixed Deposits got matured before 31st March - Held that:- There is no condition that capital asset should be held till the end of the financial year. We are not inclined to accept the interpretation placed by the ld. CIT(Appeals) that the term ‘so held’ implies that the capital asset which was acquired out of the net sale consideration should be held in that form till the end of the financial year. We, accordingly, set aside the order of ld. CIT(Appeals). Decided in favour of assessee.
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